Prysmian acquires Shen Huan Cable assets

Prysmian Group has won a bankruptcy auction for certain assets of a HV cables factory in China previously operated by Shen Huan Cable Technologies for around RMB 305 million (approx. EUR 42 million).

Taxes in the region of RMB 30 million (approx. EUR 4 million) will be added.
This acquisition will be carried out by Prysmian Technology Jiangsu Co. Ltd., a company 100 percent owned by the Group’s holding company in China, Prysmian China Investment Co. Ltd.
Once the acquisition is completed, Prysmian Technology Jiangsu will be able to count on manufacturing and logistics facilities consisting of an area of more than 190'000 sqm and 5 production lines (2 VCV lines up to 500 kV, 1 CCV line up to 220 kV and 2 CCV lines for MV cables) with a production capacity of over 20'000 tons per year.
“Thanks to this acquisition – says Luigi Migliorini, CEO Prysmian Group China - Prysmian will significantly increase its competitiveness in the Chinese utilities market with greater operational flexibility, efficiency and technical developments. Prysmian Technology Jiangsu will primarily serve Chinese power utilities and grid operators as well as Asia Pacific and other developing and emerging markets, with a particular focus on high-tech projects”.